Today: 6 July 2025
12 November 2024
1 min read

Tehran, Moscow Link Payment Networks

Iran and Russia, both under US sanctions, have recently expanded their political and economic relations, particularly in the banking sector, to counter US restrictions…reports Asian Lite News

Iran and Russia linked their national payment systems on Monday, a significant move to bypass the US dollar in bilateral transactions, local media reported.

The linkage between Russia’s Mir and Iran’s Shetab payment systems was established in a ceremony attended by Governor of the Central Bank of Iran (CBI) Mohammad-Reza Farzin and Iranian Ambassador to Moscow Kazem Jalali, reports Xinhua, quoting Iran’s official news agency IRNA.

The ceremony unveiled the first phase of the project, which enables Iranian citizens to use their bank cards to withdraw cash in rubles from Russian ATMs. In the second phase, Russian nationals will be able to withdraw cash in Iran. The final phase will allow Iranians to make purchases at Russian stores using point-of-sale devices with their bank cards, the report said.

“Today, we take a big step towards the de-dollarisation and facilitation of economic relations between Iran and Russia,” the semi-official Fars news agency reported, citing Farzin’s remarks at the ceremony.

Four Iranian banks have offered this new service, with more banks expected to join as necessary measures are implemented, Farzin said.

Iran and Russia, both under US sanctions, have recently expanded their political and economic relations, particularly in the banking sector, to counter US restrictions.

Last December, Farzin met his Russian counterpart, Elvira Nabiullina, to finalise an agreement that would allow bilateral trades in their national currencies rather than the dollar.

ALSO READ: Russia rejects news about turning down Lanka’s BRICS bid 

Previous Story

UAE National domain ‘.ae’ marks 347,000 registrations 

Next Story

Portrayal of Cultural Landscape at the House of Lords marking World Heritage Week

Latest from -Top News

Kenyans put president on notice

Kenya’s fifth president became a remarkably unpopular leader barely two years into his presidency after proposing aggressive tax measures that many saw as a betrayal of his campaign promise to support working-class

World Bank grants South Africa a $1.5 bn loan

Deteriorating rail systems, jammed ports and frequent blackouts have hindered vital industries like mining and auto manufacturing in South Africa, contributing to slow economic growth over the last decade in Africa’s most

Judge halts Trump from dismantling USADF

Congress established USADF as an independent agency in 1980, with the mandate to support economic development initiatives in AfricaXXX In a significant legal development, a federal judge in Washington, DC, has temporarily

UAE Takes Part in 3rd BRICS Sherpa Meeting

For the UAE, BRICS provides a valuable platform for dialogue and policy coordination across regions….reports Asian Lite News Saeed Mubarak Al Hajeri, Assistant Minister for Economic and Trade Affairs and the UAE’s

Khamenei Breaks Cover in Tehran

Iran’s Supreme Leader makes first public appearance since conflict with Israel, as mystery over his wartime absence continues. Iran’s Supreme Leader Ayatollah Ali Khamenei made his first public appearance on Saturday since
Go toTop

Don't Miss

Iran pays delinquent UN membership fee with funds frozen in S.Korea

Iran has paid its dues to the UN with the

Russia propagates lies about Ukraine’s conduct: US envoy

Thomas-Greenfield also highlighted that Russian President Vladimir Putin placed the